The emergence of this pandemic has posed severe financial constraints on pharma-biopharma companies in several countries. In this regard, RWE solutions have proven to be very helpful, as they allow industrial and academic researchers to monitor patients using digitally connected platforms while helping to organize and evaluate clinical data for regulatory submissions.
The uncertainty brought on by the COVID-19 pandemic has dramatically shifted how and when patients decide to seek medical care. In addition, shifts in healthcare coverage and provision during the pandemic have changed the discovery and reporting of certain outcomes in data and the treated population.
A smaller percentage of the readers identified telemedicine (28%) and artificial intelligence (20%) as the most important emerging trends. Even though emerging technologies, such as telemedicine, have existed for decades, most of healthcare systems rely heavily on in-person interactions between patients and clinicians.
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Telemedicine and virtual care may also prompt a greater adoption of technologies such as wearables and digital therapeutics, thus accelerating digitalization in the healthcare space and boosting the importance of RWE and AI.
The utilization of RWE in infectious disease control is not a new concept. During the Ebola outbreak in 2014, forecasters successfully used Global Epidemic and Mobility (GLEaM) simulations that combined real-world data on populations and their mobility with rigorous stochastic models of disease transmission to predict the global spread of the disease.
In countries with strict data privacy laws, the implications of contact-tracing apps on individual privacy are considered a major associated concern. While cryptographers are currently working on improving tracing apps to address the issue, tracking apps can only be effective when they are used by a significant proportion of the population.
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Accelerated digitalization in the healthcare space has revealed gaps in infrastructure, workforce, and digital education that ultimately need to be bridged. Without intelligent analytics, RWE alone will not be able to produce meaningful and actionable results. Previously, the healthcare industry did not have the ability to gather RWE at the speed and scale needed to address urgent public health crises.
However, this scenario has changed due to the pandemic. Advances in analytics and access to broad and diverse real-world data sets have made it possible to rapidly analyze data as it is captured to better understand how pandemics like COVID-19 are unfolding.
The lack of a standard platform for data collection and sharing is thus considered a threat to the growth of the RWE solutions market. The general lack of objective health data makes informed or targeted disease prevention difficult, especially in the context of limited resources, thus posing serious challenges to evidence generation.
The increasing government initiatives for the adoption of real world evidence solutions studies, the rising burden of chronic diseases, increasing demand for better healthcare services, and the increasing geriatric population are driving the growth of the RWE solutions market in the Asia Pacific.